This vintage safety razor is an Adjustable Injector razor. PAL introduced this model in June of 1962. PAL got their start making blades compatible with the Schick Injectors. Then they began making razors. While PAL isn't in business any more, you can still use the Schick injector blades in the razors. This one has 5 adjustments ranging from L (low) to H (high). We're not really sure whether PAL or Schick first had the idea for an adjustable injector razor. They both date from about the same time. These razors were very popular due to their sleek styling, comfortable grip, and adjustable cut.
I wish I could only talk about the metal parts of this razor. The brushed steel finish is pretty much perfect. Under magnification, there are a few slight scratches and other signs of wear, but not much. However, the dark grey plastic of the handle has quite a lot of color variation that can be common in this model. This could probably be restored. I suspect you could use a grey Sharpie marker and work wonders on it, but I've never tried. The adjustment dial works perfectly. Even with the noted flaws, this is a very attractive razor.
Very nice razor. Ready to use or display.